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Transition Therapeutics Announces Fiscal 2007 Year End Financial Results
Date:9/12/2007

TORONTO, Sept. 12 /PRNewswire-FirstCall/ - Transition Therapeutics Inc. ("Transition" or the "Company") (TSX: TTH, NASDAQ:TTHI) a product-focused biopharmaceutical company developing therapeutics for disease indications with large markets, today announced its financial results for the year ended June 30, 2007.

Selected Highlights

-------------------

During fiscal 2007 and up to the date of this press release, the Company achieved the following significant milestones:

ELND005/AZD-103 - Alzheimer's Disease:

--------------------------------------

- Clinical Data Results: On August 30, 2007, the Company Announced

Completion of Multiple Phase I Clinical Studies with Alzheimer's

Disease Drug Candidate ELND-005/AZD-103. ELND-005/AZD-103 was safe

and well-tolerated at all doses and dosing regimens examined. There

were no severe or serious adverse events observed. ELND-005/AZD-103

was also shown to be orally bio-available, cross the blood-brain

barrier and achieve levels in the human brain and CSF that were shown

to be effective in animal models for Alzheimer's disease.

- FDA Granted Fast Track Designation for Alzheimer's Disease Drug

Candidate ELND-005/AZD-103 which is being developed in collaboration

with Elan Pharma International Limited ("Elan") for the treatment of

Alzheimer's disease.

- Transition and Elan signed a US$200 million global collaboration

agreement to develop and commercialize the Alzheimer's disease

product, ELND-005/AZD-103. Under the terms of the agreement,

Transition has received an upfront payment of US$7.5 million and will

receive an additional upfront payment of US$7.5 million in calendar

2007. Dependent upon the successful development, regulatory and

commercial launch of ELND-005/AZD-103, Transition will be eligible to

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SOURCE Transition Therapeutics Inc.
Copyright©2007 PR Newswire.
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